Ashford Hospitality Prime Inc prices offering of 8.0 million shares of common stock

Thursday, 23 Jan 2014 06:05pm EST

Ashford Hospitality Prime Inc:Says that it has priced its underwritten public offering of 8,000,000 shares of common stock at $16.50 per share.Says it has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of common stock.Says the settlement of the offering is expected to occur on Jan. 29.Says it intends to use the net proceeds of the offering to acquire the Sofitel Chicago Water Tower and the Pier House Resort in Key West, Florida, and for general corporate purposes and working capital, including the acquisition of additional properties in the ordinary course of business.Says BofA Merrill Lynch and Morgan Stanley acted as the joint book-running managers for the offering.Says KeyBanc Capital Markets, Credit Agricole CIB, Credit Suisse, Baird, and Stifel acted as senior co-managers.Says FBR, JMP Securities, MLV& Co., and Craig-Hallum Capital Group acted as co-managers.